Bitcoin has successfully completed ten years and entered a new era. One of the most important events is halving. Although the entire community is looking forward to this event, some people have started to pay attention to the next major change in Bitcoin-privacy.
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The importance of privacy in Bitcoin's base layer is no longer a new topic, but the debate that has sparked has become a hot topic in the crypto market. The latest news on the progress of Bitcoin privacy is the improvement of Schnorr / Taproot, and Blockstream developer Pieter Wuille has announced that the final proposal has been released. He says:
"This means these documents are the final proposal to integrate Schnorr and Taproot into Bitcoin. Whether it is accepted by the ecosystem and how it is implemented is up to you."
With these advances in mind, trader and market analyst Bitcoin Jack shared his views on the topic in a series of tweets. Jack specifically noted that the "Schnorr Encryption Scheme" will allow improvements to "Bitcoin protocols such as block space efficiency, higher levels of privacy, and better security." However, this will not "private Bitcoin transactions . "He added,
"Whether it likes it or not, privacy is a key feature missing from adoption. Without it, funds can be tracked down, such as giving up key competitive information that holds an edge. Robust funds are not only hard currency and sovereignty-related, but also Should be able to defend against you or any entity who wants to hold positions and transactions of others "
It is worth noting that several influential people in the ecosystem have repeatedly stated that one of the missing links in Bitcoin is privacy.
"I know that there are some protocols based on the Bitcoin protocol that can provide some kind of transaction / ownership obfuscation, but they are a second layer solution to problems that should be solved locally. People are confused that Schnorr privatizes Bitcoin, which is not the case.
While emphasizing that Schnorr will not privatize Bitcoin, the Bitcoiner said that Schnorr will ensure that transactions take up less space on the ledger, so that more transactions can be processed, and even lower fees. He also clarified that Schnorr / Taproot will make some improvements but will not be a "barrier" to cryptocurrencies (i.e. the interchangeability brought by privacy).
"Once fully adopted, Schnorr may save up to 25% of space, thereby increasing throughput and reducing costs. It will also mask transaction types and effectively shield public keys participating in, for example, multi-signature transactions. It does this by hiding some transaction information To create an improved layer of "privacy" that makes blockchain faster and less transparent. "